topic Re: Retiring early - share your experience! Please! in Retirement

Retiring early - share your experience! Please!

pattyecalling — Wed, 05 Jul 2017 20:48:49 GMT

I am planning on retiring in April 2018 when I turn 62. I have worked for the same employer for 33 years and am fortunate enough to have a decent retirement. I won't be doing a lot of travelling or buying a new car but I should be comfortable, making a little more than I am working! I have 3 grandchildren that I really want to spend more time with before Grandma isn't "the bomb" anymore, be a little more involved in my church, and open to other things. But after just taking a week off from work, I'm afraid I will be bored. I'm so used to having a specific purpose every day; I'm used to being surrounded by great people with lots of laughs (lots of crap too!) and great working relationships. I am not a highly motovated person and am afraid I'll spend way too much time in front of the TV, especially in the winter months! I really don't want to work any more. 33 years is a long time to give to one organization. It's now time for ME. (Besides, I can't keep up with the changes in technology and all the young people around me). My retirement is all contingent on what Trump does with health care and economy. I have budgeted a nice monthly sum for insurance premiums but it may not be enough or change over the next three years until I can get on Medicare. It all frightens me. I'm a single woman supporting myself. Anyway, would love to get some feedback. Thanks.

Re: Retiring early - share your experience! Please!

SarahGH — Wed, 05 Jul 2017 20:56:41 GMT

I retired very young, but had to spend the first few years as a family caregiver. Sure, there are days that are a little slow, but I'm not sorry I retired early, nor have I been bored!

I have a good friend who worked into her late 60s, because she was afraid of being bored .. but once she retired, she got busier than ever!

I always say that the only people who "get bored", are those who aren't putting much effort into finding things to keep busy! Besides being with grandchildren, you can volunteer for any number of organizations in which you have an interest. You can take reasonably priced continuing education programs at local colleges, as well as day trips. You can check out Meet-up, to find groups of like-minded retirees & others in your age range, to do all sorts of things.

Good luck!

Re: Retiring early - share your experience! Please!

Epster — Wed, 05 Jul 2017 21:19:23 GMT

@pattyecalling

Change can be scary, but I've found embracing rather than fighting it makes me the champion of my own life. 🙂

We know a fellow who retired at 60 and who rides 8,000 miles a year on his road bike plus mountain bikes, windsurfs, snowshoes and mountaineers ... he's incredibly fit and also incredibly well read and informed, a total joy with whom to converse.

Follow your passions. His is obviously fitness and current events. What's yours? 🙂

Re: Retiring early - share your experience! Please!

pattyecalling — Wed, 05 Jul 2017 21:58:37 GMT

Thanks for the encouragement. I really appreciate it. I'm a worry wort and I know that doesn't help any. And I'm one of those people who likes to know what is coming (at least as much as possible). I'm the planner in the family! I'm sure it will all be fine. It's just a HUGE change! Thanks again.

Re: Retiring early - share your experience! Please!

retiredtraveler — Thu, 06 Jul 2017 01:22:30 GMT

I retired at 55. But, we all have different interests, finances, family, plans (or lack thereof). I do end up doing one thing you mentioned --- too much TV in the winter. I don't have winter hobbies aside from working out everyday and doing some volunteer work. But, I am married and we have family in the area and end up seeing them more than we used to. For 8 months of the year, I have more than enough stuff to do, including travel.

DW and I had the same concerns as you. We had private insurance (DW still does --- not yet on Medicare) and we spent several years really taking a hard look at finances. That included me tracking all our income and expenses, to the penny, for over two years. We then built in projections for future expenses (people vastly underestimate house and auto upkeep). I would advise you be sure about your finances, as best you can. It sounds like you've given this a lot of thought. But, 'hard numbers' is something you need to sleep at night.

Re: Retiring early - share your experience! Please!

SIMPLEGAL — Mon, 31 Jul 2017 23:52:27 GMT

pattyecalling,
It sounds like you have given a lot of thought about your situation; Change can be scary or exciting. It is an opportunity to try something new. Only you will know if this is the right decision for you. I wish you all the best.

Re: Retiring early - share your experience! Please!

Calhounwoman — Tue, 01 Aug 2017 00:03:37 GMT

@pattyecalling Hi! I retired at 58--the first to do so in my family (second generation). After over 43 years of punching someone else's time clock, it was time for a change. It was easy to let go because I was simply bored to-the-teeth of the politics and how the work culture was changing; it was no longer about the team.

It was time to go, and I was ready, and I went out the way I wanted to go out (no circus or superficial "thank you for your service jestures or check-off list send off). I made a quiet dignified drama-free exit. THANKFULLY!

I keep in touch with those former colleagues who want to do so. I've learned that some don't want to see people who have successfully retired. And, there are those who are shocked at how happy I am AND, that I still keep in contact with them and others. Weird?!! I retired from a long career life; I didn't retire my personality or my life...

What I didn't realise is that my nieces and nephews were taking mental notes on my attitude towards aging and retirement. It's very humbling. I'm just living my life as I always have. I just don't work at a paying job.

During this year's tax season I was lamenting to my 36 year old Nephew about how my tax-free party was over. Decades of maxing out in the company supplemental savings plans kicked me in to lower tax brackets. My nephew looked shocked and commented, " You're RETIRED, why are you paying taxes?! That was an aha moment for me. It was an opportunity for me to challenge their expectation about their perceptions of what it means to age and retire.

Re: Retiring early - share your experience! Please!

kathy0727 — Fri, 11 Aug 2017 15:48:09 GMT

I hadn't planned on early retirement but I was diagnosed with breast cancer at 62. I found that I just couldn't function in my job of 25 years as a supervisor in city government. I was too tired after surgery and strong chemo. So I checked as to what my early social security and pension would be. I found that I could survive on the monthly income. Fortunately all my credit cards were paid off and due to the blessings I received when my dad passed, I had a new car, no payments. In addition 2 of my sisters were in situations where the had to move. We talked about it and now rent a home together. We made sure we set things up so that we wouldn't be in conflict with each other. I am now blessed being cancer free, out of a very stressful job, spending more time with family and surprisingly have more money in the bank than ever. I also have enough money to travel or if needed, support myself alone if needed. I realize I am so much better off than so many others, and know my father took me through a difficult part of my life. But I started in my pension plan when I hired. I know that is difficult for younger people to do, but it is absolutely a must. I am happier and more stress free than ever.

Re: Retiring early - share your experience! Please!

smetro — Fri, 11 Aug 2017 16:12:10 GMT

GOOD for you! I am now past the usual retirement age @ 69, going on the big 7-0, and cannot believe that I am not only working fulltime, but considering taking on a second job to cover bills - WHAT?!?! I do plan to retire some time in my seventieth year, however, as working for now over 50 years at various institutions, the one where I am now by then for 25 years, is enough. Have other things to do, other fish to fry, etc. Want to also spend time with grandchildren and help some of my kids (extended version) with their lives, including a daughter-not-in-law (a partner but not wife of a son) who is battleing cancer, all the while raising one toddler and carrying a second child..! Tough row to how. Anyway, losts of creative projects in my head and one on which I am working, too. We live our lives, I fully believe, not to just do one thing, but ultimately whatever G-d has for us to do. I pray for enough years to accomplish what He has for me and my family. I DO applaud your resolve to do the same.

Re: Retiring early - share your experience! Please!

ll81462320 — Fri, 11 Aug 2017 16:32:13 GMT

I retired at 64 although I thought I would retire at 62. My employer offered me a deal which involved only working 2 days a week for 2 years with full benefits which made the extension of my work career pretty sweet. My wife is about 12 years younger than myself and resisted retirement, but she realized that her working kept us from enjoying what retirement time we might have together. She retired finally at 55 with a full pension and medical benefits.

Part of our decision to try to enjoy retirement over whatever we might gain by continuing to work was based on life experience. One of my closest friends who absolutely hated his job retired at 62, but did not surivive a year following his retirement. My brother also died a few years after his retirement. Another close friend died recently after a short retirement. Certain jobs I can understand being worth extending because of the fulfillment that is possible based on the type of work. But most are not worth the time in relation to what life can be like as a retired individual.

On the contrary, my mother retired at 62 and lived another 30 years. She could never tell me enough how much she enjoyed her days of good life following her work years. She did not have a big income retirement, but she was so happy with her free time and enjoyments that had little to do with large cash expenditures.

I would only recommend that you prepare for retirement by finding what you might most desire to do with your free time which could be travel, hobbies, gardening, community service or whatever things you wished you could do while you were working full time.

Re: Retiring early - share your experience! Please!

ds30055407 — Fri, 11 Aug 2017 19:09:56 GMT

I retired after 30 + years working outside, (after 4 + years in the Marine corps.) Working outside in northwest Indiana is equivalent to 40 years working inside. It was a job, not a career. I did it to earn money, not because I enjoyed it.

I had 2 advantages; with my wife's support, we were able to save from 20 to 25 percent of our income in the final years before I retired. That was advantage number one. Save 'til it hurts and save some more!

My second advantage was the option of a lump sum buy out. I saw too many pensions shrink from inflation. I took the buyout and invested it in the stock market.

It truly is" the only game in town".

Yes, it will go down, but it will come back up again. Be patient and wait. Do not panic and overreact.

And DIVERSIFY!

Remember that it is possible to trade time for money, buy you cannot trade money for more time.

Enjoy!

Re: Retiring early - share your experience! Please!

oldegranddad — Sat, 12 Aug 2017 00:57:02 GMT

If you have the resources. If you have a plan. If you can do what you really want to do. If you can get something "out of your system", go for it. But you can not just sit around for the rest of your life,you got to do something. If you want to, goof off for a little while and then get on with your life; change of work, volunteer, write a book, play some golf.

Re: Retiring early - share your experience! Please!

m417126a — Sun, 13 Aug 2017 14:18:56 GMT

I will be 66 next month and am still working full-time. I work in a school district as the district special education secretary to the director of special education. Sounds pretentious but it truly isn't. I truly love my job and my boss which is probably why I didn't retire at 62 when I had seriously thought about doing so.

I am also retired from the military for over 27 years. Once, when talking about retiring from my job, my boss asked me why I was still working if I could draw social security, get retirement for this job, and have a military retirement. I told him the difference between 62 social security and 66 social security was a leap.

I'd like to retire. I think about it every single day. My husband only wants me to work 2 more years but then I think, what about working until I'm 70 because the difference is quite a bit? He is 71 and stays home with our daughter, who is disabled. But now she goes out to day services and we are waiting for assisted living to open up for her. We have grandchildren. We have already lost one child 3 years ago. Life is short. So much I want to do but I love my job too. So I'm just going back and forth over it. Oh well, I'm sure I'll get this figured out sooner rather than later.

Re: Retiring early - share your experience! Please!

pattyecalling — Sun, 13 Aug 2017 23:59:46 GMT

Thank you so much for sharing your story! I'm sorry for the loss of your child! And it must be difficult still caring for a disabled child at 66! You're a strong person! I just don't think I could do it that AND work much longer. I too love my job working as an assistant for the Superintendent and our PIO, but I am not as sharp as I used to be. and while I don't think anybody really notices, I struggle every day with all the details and if you work in Special Ed you must see how complicated things are getting! I've been saying for the last couple of years that nothing is simple anymore, nothing! As soon as we get a handle on something "they" change it! I have watched so many co workers over the last several years work to 65 or 66 even thought they wanted out much earlier, only to live 3-4 year and pass away. I have three beautiful grandchildren still young enough to appreciate Grandma and I want to have more influence on them while I can. I live a simple life so I don't need a lot of money but being with the district over 33 years has afforded me a livable retirement. I plan to retire March 30, 2018 unless of course the country explodes or the economy collapses!. (I pray every day). My plan right now is to hold off on collecting SS but that depends on how much I will have to pay for health insurance until I'm 65. I will leave my district after 33.5 years of service (I've seen it all!) I think I've given enough. I want to try other things for this time in my life. I'm not sure exactly what that is but I'm looking and praying for what that might be. I wish you the best - don't wait too much long for a chance to do what YOU want to do, WHEN you want to do it. You deserve it. Take care.

Re: Retiring early - share your experience! Please!

ns7615 — Wed, 30 Aug 2017 22:01:30 GMT

I retired on my 59th birthday. It was definitely the best thing I ever did for myself. I moved to the mountains of Northern Arizona, where there are lots of year round recreational opportunities. I go kayaking almost every week, year round including winter. I am in two hiking groups, including leading one. I am a member of a lifelong learning group. I served as treasurer of my church for three years. I joined a Rotary club, and got involved with Rotary Youth Exchange. I go back to California occasionally to visit our grandkids. I am now 71, and thoroughly enjoying life. Sure, I have some aches and pains, but nothing major. The second best thing I ever did for myself was to lose 100 pounds. Being active, rather than sitting behind a desk, helped a lot. In addition to all that, I now am a substitute teacher (math and science) in the local high school.

Find things you like, and get involved. The kayaking group let me to the lifelong learning group, which let me to hiking, which let to...

Re: Retiring early - share your experience! Please!

uphillklimber — Thu, 21 Sep 2017 10:52:51 GMT

I retired at age 55, and was recently offered a job at my last place of employment, part time. I ended up turning it down. Retirement, in my opinion, is the bomb!!!! I've worked hard all my life and haven't done as much fun stuff as I would have liked. Now I am. I've joined a local ski club, and last year, I skied 74 days. While I was working, 18 days was a lot. Summer time, I kayak, bike and hike. I also volunteer on some land trusts and various town boards. I see my grandkids once a o month or so (they live a ways away). I no longer have to punch someone else's timeclock, but I do keep busy. And there are also some days I spend in front of the PC researching. While it is not very active, I get to search out history and learn.

Financially, I am better off than when I was working. I moved to a low cost area to live. When I first moved here, identical house as my last home (I built them, I'm a builder), my property taxes were less than a third of what they were previously. My state does not tax the first $10,000.00 of annuity income. I take advantage of the homestead act for property taxes. Although, I did not work last year, or pay in any taxes, I recived about $550.00 in tax returns from both federal and state. Not a whole lot, but a welcome surprise!

I have found that getting my self financially set up removes the concerns of will I make it, and that frees me up to actually do the things I have always wanted to do more of! You just gotta get out there and do it! Enjoy this time!

Re: Retiring early - share your experience! Please!

nyadrn — Thu, 21 Sep 2017 22:25:25 GMT

@uphillklimber wrote:
>>

I have found that getting my self financially set up removes the concerns of will I make it, and that frees me up to actually do the things I have always wanted to do more of! You just gotta get out there and do it! Enjoy this time!

Sounds like you made the right choice for you. Congrats.

This is really a personal decision as the factors are unique to each person as are the reasons to stay or go. Only you know what is best for you and sometimes you don't really know. Most importantly, do the research and then decide. Going back to work is often pretty difficult.

Re: Retiring early - share your experience! Please!

d939600r — Thu, 28 Sep 2017 02:13:30 GMT

I want to retire at 62 and want to travel and enjoy life. I do not want to work until i am close to 70. I will definitely stay busy, continue walking and getting involved with activities.

Re: Retiring early - share your experience! Please!

nyadrn — Thu, 28 Sep 2017 02:39:51 GMT

@d939600r wrote:
I want to retire at 62 and want to travel and enjoy life. I do not want to work until i am close to 70. I will definitely stay busy, continue walking and getting involved with activities.

@d939600r Well then I hope you will be in a position to do just that. Have you been planning and preparing for a long time? What activities are you interested in?

Re: Retiring early - share your experience! Please!

l340978c — Sun, 01 Oct 2017 22:53:50 GMT

I'm hoping to be able to go in 3.5 years at 55. I'll have three pensions and two 401(k) s to live on and then social security will hopefully cover any cost of living increases by the time I start collecting.

I wish there was a retirement calculator that allowed the input of pension income.

The biggest concern I have, of course, is the cost of healthcare.

Does anyone have any suggestions for the above?

Thank you!